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Question - Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods - The units of an item available for sale during the year were as follows:
Jan. 1 Inventory 15 units at $45 $67
5 Aug. 13 Purchase 19 units at $46 87
4 Nov. 30 Purchase 8 units at $47 37
6 Available for sale 42 units $1,925
There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).
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